Tyson borrowed $1bn on Monday at 5.100 and 5.600 percent, and spent it retiring $1.1966bn of debt that was paying 3.550, 4.350 and 5.400

$1,199,999,652.

That is what Tyson Foods will pay for the three series of notes it agreed on Monday to retire, worked from the company's own pricing table, against a cap of exactly $1,200,000,000. The per $1,000 figures are rounded to the cent, so the real total moves by a few thousand either way. The point survives the rounding. The proration factor was set to spend the cap and stop.

Two filings carried it, twenty six minutes apart.

The new money

The first, in at 16:21, records a completed public offering: $500m of 5.100 percent senior notes maturing 24 August 2031, and $500m of 5.600 percent senior notes maturing 24 January 2037.

Both are senior unsecured, issued off a shelf registration under a base indenture dating to 1 June 1995, with Bank of New York Mellon as trustee. The first coupon on the 2031s falls on 24 February 2027 and on the 2037s on 24 January 2027.

The old money

The second filing, in at 16:47, reports what the money is for.

Tyson had offered to buy back three series for cash: the 3.550 percent notes due 2027, the 5.400 percent notes due 2029 and the 4.350 percent notes due 2029. Holders had until 5 p.m. on 21 August to tender at the early price, which carries a $30 premium per $1,000.

They offered $1,503,358,000 of paper into a cap of $1.2bn.

So the acceptance priority levels did the work they were written for. The 3.550 percent 2027s sit at level one and were taken in full, $571,260,000 of them, at $994.87 per $1,000. The 5.400 percent 2029s sit at level two and were taken in full as well, $389,974,000, at $1,019.77, the only one of the three trading above par. The 4.350 percent 2029s sit at the bottom, and that is where the cap bit: of $542,124,000 tendered, Tyson is taking $235,342,000, a proration factor of 43.48 percent, at $994.24. The other $306,782,000 goes back.

The company also removed the sub-cap it had set on the 5.400s, which is why that series cleared whole. The $800m sub-cap on the 2027s never bound, because holders offered less than that.

What it costs

Accepted principal comes to $1,196,576,000. New principal is $1,000,000,000.

Run the coupons. The retired notes were paying $51,575,703 a year between them, a weighted average of 4.310 percent. The new ones pay $53,500,000, an average of 5.350 percent. On these two filings alone, Tyson is reducing the principal it owes by about $197m and increasing the annual coupon on it by about $1.9m, and extending the maturity of the last tranche out to 2037.

Neither filing says why. Nothing here attributes a reason to the company, because the company has not given one in either document.

The deadline that has already passed

The offers formally run to 5 p.m. on 8 September. That date is now decorative.

Because the cap was reached at the early deadline on 21 August, the release states plainly that no notes tendered after it will be accepted for purchase, regardless of acceptance priority level. Settlement for the accepted notes is expected on 26 August, and everything bought is retired and cancelled.